Wednesday, 20 July 2011

The REAL crisis resurfaces

Greeks are starving. All 400 of the Orthodox Church's districts have now set up soup kitchens as many unemployed Greeks have exhausted their £100 a week unemployment benefit and now have no income at all. The number living on the street has soared; perhaps bearable in the Summer, but Autumn is coming fast upon us. All the nation's Sovereign wealth has gone to bailing out the banks. Meanwhile figures just released show the bankers themselves in the UK have enjoyed a bumper year, with £14 billion in bonuses paid out to staff. That's about £1,300 each for every single Greek citizen. Enjoy your champagne and coke, boys.

The truth is obvious for all to see; the degree of austerity that has been imposed in not only Greece but Ireland to save the banks is not sustainable. Greece must default; we've all known it. We knew it before the last bail-out. The choices open to Europe's politicians over the next few weeks boil down to

1. Another round of bail-outs to buy more time; this will postpone the crisis to Christmas. Hugely unpopular with the Germans who face debt growing to 110% of GDP

2. Fiscal and political Union in the Eurozone; but as the Telegraph reports today "The chances are that the EU will only take the step of fiscal union or common bond issuance at one minute to midnight on a weekend when it is clear that the system is close to collapse."

3. Do an Iceland and let the banks fail. The result would be a global financial storm; a strategy of great risk, but one that may just pay off. Their collapse would take all of that poisonous $500 trillion of derivatives with it and allow a fresh start.

Whilst mentally-ill individuals masquerading as left-wing comedians dominate the domestic headlines the real tragedy is playing out in Europe.

Doesn't matter if fiscal union is against the German law. Did you know bail-outs are illegal under the Lisbon treaty.. but did that stop the eu?? I think they have a clear agenda and will sweat (other people's) blood to achieve it!

It isn't or isn't necessarily a ""left-wing" idea - never heard of State Corporatism - which the Nazis and Italian Fascists used (among other more unpleasant things) and also currently used by the Rethuglicans in the USA to disguise the fact that it is guvmint spending - just for their corporate friends, not for the general populace.....

Greman law is a lot stronger than EU law.The EU law can and will be broken by guvminst (suprise!) but a ruling by the Constitutional Court that further bailouts are against the Basic Law will stop the whole thing.

I get the impression that Merkel is hedging, and waiting for Greece to crash completely, whilst deliberately keeping "hands off".

The only reason they want one giant financial psuedo-country is so the germans can have large amounts of their cash steered south in the same way that the SE of England supports the rest of the UK.

That circumstance in this country grew up largely unnoticed over time. The hermans aren't stupid--they know they will be back overnight to bailing out 5 or 6 east-germanys full of people to whom they have no moral obligation.

You seem to have missed the fact that the Nazis were the National Socialist German Workers Party (NSDAP). While they went to war with the International Socialists (USSR Communists) for a while, that can easily be put down to the ever present schisms of the Left. The Nazis were/are Hard Left all the way through!

The label "socialist" as applied to the Nazis was a sham.Stop deluding yourself.They were very strongly "corporatist" (Think IG Farben/Krupp/KDF-Wagen/BASF etc ad nauseam)Their crushing and "camping" of traditional Trades-Union leadership was a bit of a giveaway as well.They were also well into the even more unpleasant parts of christianity as well ... see THESE PHOTOGRAPHS and the texts as well. The catholic bishops giving the "Hitler-Schuss" is particularly vile.

Communism, being a competeing religion, persecuted christianity, as christianity persecuted other competing religions, when it was in charge.